DTN Closing Livestock Comment 09/16 15:52
Hog Market Rally Sparks Optimism Thursday
Sharp gains in October lean hog futures over the last two days have created
renewed optimism across the lean hog complex. Mixed cattle trade left traders
less certain of a market comeback in the upcoming days.
By Rick Kment, DTN Contributing Analyst
Lean hog futures stole the attention of the entire livestock complex with
aggressive triple-digit gains seen in nearby and deferred contracts. Spot
October lean hog futures posted a $3.20 per cwt rally, moving above $85 per cwt
for the first time in a week. The attention in hog trade seemed to allow for
cattle traders to take a breath, with prices mixed in feeder cattle markets and
lower in all nearby live cattle trade. Hog prices moved lower on the National
Direct Afternoon Hog Report in light trade, falling $1.86 with a weighted
average of $81.64 on 5,458 head. December corn is down 4 cents per bushel and
December soybean meal is up $4.50 per ton. The Dow Jones Industrial Average is
down 35 points and NASDAQ is up 19 points.
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